GBP/USD Technical Analysis: Slides farther below 1.30 handle to test a confluence support

Haresh Menghani FXStreet

• The pair faded an early European session bullish spike to mid-1.3000s and quickly retreated to a confluence support, comprising of 100-hour SMA and a short-term ascending trend-line.

• Reports of a potential leadership challenge to UK PM Theresa May weighed on sentiment and turned out to be one of the key factors behind a broadly weaker British Pound.

• Technical indicators on the 1-hourly chart have also started losing positive momentum and thus, increase prospects for a bearish breakdown, opening rook for an additional intraday slide.

GBP/USD 1-hourly chart

Spot Rate: 1.2991
Daily Low: 1.2980
Daily High: 1.3048
Trend: Bearish only below the trend-line support

Resistance
R1: 1.3030 (horizontal zone)
R2: 1.3087 (overnight swing high)
R3: 1.3100 (round figure mark)

Support
S1: 1.2969 (S1 daily pivot-point)
S2: 1.2936 (200-period SMA H1)
S3: 1.2896 (Sept. 6 swing low)

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.